ISELIN, NJ — AutoPartSource, LLC has purchased certain assets of Qualitee International Limited Partnership of Bloomfield Hills, Mich. The two companies have entered into an agreement to sell, on a consignment basis, all of the inventory of Qualitee.
In a related transaction, New World Friction Corp., a wholly-owned subsidiary of Roscigno Industries, which is an affiliate of AutoPartSource, has acquired the manufacturing assets of Madeco, ULC d/b/a Novatek, a brake pad manufacturer located in Cambridge, Ontario, Canada. New World will manufacture brake pads for sale by AutoPartSource and others. New World has also agreed to a similar arrangement, to sell Novatek’s inventory on a consigned basis.
AutoPartSource and Roscigno are owned by a small group of private investors lead by Frank Pagano, CEO of Coni-Seal in Lakewood, NJ.
Pagano, commented: “With the support of Coni-Seal management, AutoPartSource will enhance its product offerings through world-wide sourcing capabilities. In addition, this transaction will allow us to broaden our customer horizons while continuing to provide outstanding customer satisfaction. With our experienced management and sales force, we are committed to becoming the best under-car parts supplier in the industry. We look forward to a prosperous future as well as deepening our relationships with our valued customers.”
The acquisition will allow AutoPartSource to become a leading undercar parts supplier, said the company. AutoPartSource will focus on the sale, promotion and distribution of high quality VGX brake pads, brake shoes, brake drums and rotors, clutches, hydraulics and related products. AutoPartSource will sell and market the Qualitee brand name products, as well as private branded product.
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